Shares of Extended Bitcoin Corp (LBCC), a beverage turned cryptocurrency mining business, have been formally delisted by the United States Securities and Exchange Commission, or SEC.
The corporation was requested to delist its inventory right after failing for years to deliver any economic stories. Prolonged Bitcoin Corp’s final earnings report was for the quarter ending September 30, 2018, according to Bloomberg.
Lengthy Bitcoin Corp is registered in the condition of Delaware, according to SEC filing information.
Initially recognised as Extensive Island Ice Tea, Prolonged Bitcoin rebranded all through the top of crypto euphoria in January 2018. That was soon following Bitcoin (BTC) peaked in rate and ideal all-around the time that altcoins hit new all-time highs. At the time, Extensive Blockchain claimed there “can be no assurance” that it will be effective in building dispersed ledger technological know-how.
In accordance to the SEC, the company’s change from drinks to blockchain never materialized. Underneath the conditions of the SEC’s get, Lengthy Blockchain agreed to have its shares revoked without having admitting or denying the regulator’s results.
As Cointelegraph beforehand described, Very long Blockchain was in monetary difficulties extensive before the rebranding. The tech-large Nasdaq exchange delisted the corporation in April 2018 because of to very low marketplace capitalization.
As of Friday — presumably, its ultimate investing working day — Lengthy Blockchain Corp was well worth $1.12 a share for a overall industry price of $32.7 million.
LBCC share prices surged in the course of the height of the 2017-18 bull marketplace right before declining precipitously more than a 4-thirty day period period of time. The organization was fundamentally a penny stock concerning 2018 and 2020.
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